It may be legally accepted by the SEC, but it sure is a sham on shareholders. It's been quite apparent that after all the contact that woody has had with the SEC they just turn a blind eye to fraudulent activity. They may slap a hand once in a while but that's about the extent of it. Heck, look at how long Madoff conned investors without a peep.
The huge alligators have swallowed all the fish and now they are feeding on one another.